Growing deficit cost 3.4 million U.S. jobs from 2001-2015
The Commerce Department reported a goods and services deficit of $44.3 billion in December. The goods deficit with China hit $30.2 billion, up $1.8 billion from the previous month.
Said Alliance for American Manufacturing (AAM) President Scott Paul:
"For years, America has been shouldering China’s wave of imports, and December's trade deficit does little to crest the continuous wave.
"This lopsided trade balance has resulted in the loss of millions of U.S. manufacturing jobs, and it won't stop until we get serious about decreasing the deficit and enforcing our trade laws.
"We urge the White House and Congress to stop the unbalanced wave of imports through tax, trade, currency, infrastructure, and other policies that will restore some factory jobs. Unless they do, our workers will continue to struggle in China's trade ebb."
A recent Economic Policy Institute (EPI) report shows that the United States lost 3.4 million jobs, an overwhelming majority of them in manufacturing, from 2001 to 2015 due to America’s surging trade deficit with China.
The EPI report, which breaks down job loss by state and congressional districts, shows that the trade deficit in the computer and electronic parts industry grew the most. As a result, the 10 hardest-hit states ranked by displaced jobs were high-tech manufacturing hubs, including Oregon, California, New Hampshire, Minnesota, North Carolina, Massachusetts, Wisconsin, Texas, Rhode Island, and Vermont.
To read the full report visit AmericanManufacturing.org/Research.